Documents of the occasion were released last year by the Margaret Thatcher Foundation after the required 30-year delay.

Here are excerpts from the toasts (as selected by Commentary-Contentions):

[The Prime Minister]: Mr. President, an earlier visitor to the United States, Charles Dickens, described our American friends as by nature frank, brave, cordial, hospitable, and affectionate. That seems to me, Mr. President, to be a perfect description of the man who has been my host for the last 48 hours. (Applause.) …

Charles Dickens, like me, also visited Capitol Hill. He described the congressmen he met there as “striking to look at, hard to deceive, prompt to act, lions in energy, Americans in strong and general impulse.” Having been there and agreeing with Dickens as I do, I’m delighted to see so many Members of Congress here this evening. And if Dickens was right, relations between the legislative and executive branches should be smooth indeed over the next four years. After all, “prompt to act and lions in energy” should mean, Mr. President, you’ll get that expenditure cutting program through very easily indeed. (Laughter. Applause.) …

California, of course, has always meant a great deal to my countrymen from the time, almost exactly 400 years ago, when one of our greatest national heroes, Sir Francis Drake, proclaimed it New Albion in keeping with the bravado of the Elizabethan Age. This feeling of community and curiosity that we have about California exists in the present age when another of our household names made his career there, one of the greatest careers in show business. I refer to Mr. Bob Hope, who is here this evening, and whom we like to claim is partly ours because he was born in the United Kingdom, though he decided to leave when he was only four years old. (Laughter.) …

I hope you didn’t feel ill at ease as you came up the stairs and passed under the gaze of George III. (Laughter.) I can assure you that we British have long since come to see that George was wrong and that Thomas Jefferson was right when he wrote to James Madison that “a little rebellion now and then is a good thing.” (Laughter.) …

It’s not the time, Mr. President, for me to talk at any length about the relations between our two countries except to say that they are profoundly and deeply right. And beyond that, we perhaps don’t have to define them in detail. …

There will, of course, be times, Mr. President, when yours perhaps is the loneliest job in the world, times when you need what one of my great friends in politics once called “two o’clock in the morning courage.” There will be times when you go through rough water. There will be times when the unexpected happens. There will be times when only you can make a certain decision. It is at that time when you need the two o’clock in the morning courage. … And what it requires is a knowledge on your part that whatever decision you make you have to stick with the consequences and see it through until it be well and truly finished. …

I want to say this to you, Mr. President, that when those moments come, we here in this room, on both sides of the Atlantic, have in you total faith that you will make the decision which is right for protecting the liberty of common humanity in the future. You will make that decision that we as partners in the English-speaking world know that, as Wordsworth wrote, “We must be free or die who speak the tongue that Shakespeare spake.”

[The President]: Bob Hope will know what I mean when I speak in the language of my previous occupation and say you are a hard act to follow. (Laughter. Applause.) … And may I say that I do know something about that “two o’clock courage,” but I also know that you have already shown that two o’clock courage on too many occasions to name. (Applause.) …

[Y]ou know, Prime Minister, that we have a habit of quoting Winston Churchill. Tell me, is it possible to get through a public address today in Britain without making reference to him? It is increasingly difficult to do so here, not just because we Americans share some pride in his ancestry, but because there’s so much to learn from him, his fearlessness, and I don’t just mean physical courage. I mean he was, for instance, unafraid to laugh. I can remember words attributed to Churchill about one somber, straight-laced colleague in Parliament. Churchill said, “He has all the virtues I dislike and none of the vices I admire.” (Laughter.) …

When he addressed Parliament in the darkest moments after Dunkirk, Churchill dared to promise the British their finest hour and even reminded them that they would someday enjoy, quote, “the bright, sunlit uplands,” unquote, from which the struggle against Hitler would be seen as only a bad memory. Well, Madam Prime Minister, you and I have heard our share of somber assessments and dire predictions in recent months. I do not refer here to the painful business of ending our economic difficulties. We know that with regard to the economies of both our countries we will be home safe and soon enough.

I do refer, however, to those adversaries who preach the supremacy of the state. We’ve all heard the slogans, the end of the class struggle, the vanguard of the proletariat, the wave of the future, the inevitable triumph of socialism. Indeed, if there’s anything the Marxist-Leninists might not be forgiven for it is their willingness to bog the world down in tiresome cliches, cliches that rapidly are being recognized for what they are, a gaggle of bogus prophecies and petty superstitions. … I wonder if you and I and other leaders of the West should not now be looking toward bright, sunlit uplands and begin planning for a world where our adversaries are remembered only for their role in a sad and rather bizarre chapter in human history.

The British people, who nourish the great civilized ideas, know the forces of good ultimately rally and triumph over evil. That, after all, is the legend of the Knights of the Round Table, the legend of the man who lived on Baker Street, the story of London in the Blitz, the meaning of the Union Jack snapping briskly in the wind. Madam Prime Minister, I’ll make one further prediction, that the British people are once again about to pay homage to their beloved Sir Winston by doing him the honor of proving him wrong and showing the world that their finest hour is yet to come, and how he would have loved the irony of that. How proud it would have made him.

Sadly, in this prediction, Reagan and not Churchill was wrong. Britain has been steadily declining since the end of World War II, and it would take an incurably irrational optimist to deny that it is now beyond hope of recovery.

The Reagan-Thatcher era was an all-too-brief silver age.

Politically, and in international relations, the whole world has greatly changed for the worse since they, together, won the Cold War against the Soviet Union.

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For contrast, go here for an account of what Prime Minister David Cameron said when toasting President Obama at the White House state banquet on March 15, 2012.